Delta Air Lines Inc (NYSE:DAL) shares gained altitude after the airline reported better-than-expected results for the March quarter.
Earnings per share of $0.46 beat estimates of $0.39 while revenue of $14.04 billion was ahead of the consensus of $13.46 billion.
"While the first quarter unfolded differently than initially expected, we delivered solid profitability that was flat to prior year and is expected to lead the industry,” Delta CEO Ed Bastian said in a statement.
However, the company did not reaffirm its full-year guidance, stating it would provide an update later in the year “as visibility improves.”
For Q2, the company expects total revenue to be between -2% to 2%, an operating margin of 11% to 14% and earnings per share in the range of $1.70 to $2.30, below the consensus of $2.41.
Bastian noted that growth has stalled amid broader economic uncertainty.
“In this slower-growth environment, we are protecting margins and cash flow by focusing on what we can control,” the CEO said. “This includes reducing planned capacity growth in the second half of the year to flat over last year while actively managing costs and capital expenditures."
Shares of Delta added 7.3% at about $38 in early trade on Wednesday.